Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary
 [Register]
Raleigh, Durham, Chapel Hill, Cary The Triangle Area
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Closed Thread Start New Thread
 
Old 09-21-2010, 06:58 AM
 
Location: Raleigh
217 posts, read 445,766 times
Reputation: 94

Advertisements

The North Hills area is enjoying double digit appreciation in home prices. There are a whole slew of neighborhoods that are enjoying appreciation >= 3%. What’s that old saying, Location, Location, Location…

This is information that I put together from the TARR Report www.tarreport.com. He collects data from the MLS and Tax Records and calculates the results by taking the subdivisions with the most qualifying resales. It is based on the number of qualifying sales in their database during the past 13 months and the average sales price of those sales.

PPY = percent per year appreciation


 
Old 09-21-2010, 07:15 AM
 
5,743 posts, read 17,600,206 times
Reputation: 4793
"He collects data from the MLS and Tax Records and calculates the results by taking the subdivisions with the most qualifying resales. It is based on the number of qualifying sales in their database during the past 13 months and the average sales price of those sales."

What exactly is a "qualifying resale"? Does that mean he throws out foreclosures, for sale by owner, or anything else to make his numbers look good?

It says "Avg PPY", but the method of calculation is still not clear to me, even with you explanation. Perhaps because the "years of home ownership" column was thrown in. Does that mean that the homes have appreciated an average of x% over the duration of last ownership? Or does it mean that this year, the average home in a certain neighborhood as appreciated x% in value? The first method of computing it is nice, for certain, but the second method would be impressive in this economy.
 
Old 09-21-2010, 07:32 AM
 
Location: Oxxford Hunt, Cary NC
4,478 posts, read 11,619,072 times
Reputation: 4263
Nice to see my neighborhood on the list.
 
Old 09-21-2010, 07:36 AM
 
Location: Raleigh
217 posts, read 445,766 times
Reputation: 94
Quote:
Originally Posted by NewUser View Post
"He collects data from the MLS and Tax Records and calculates the results by taking the subdivisions with the most qualifying resales. It is based on the number of qualifying sales in their database during the past 13 months and the average sales price of those sales."

What exactly is a "qualifying resale"? Does that mean he throws out foreclosures, for sale by owner, or anything else to make his numbers look good?

It says "Avg PPY", but the method of calculation is still not clear to me, even with you explanation. Perhaps because the "years of home ownership" column was thrown in. Does that mean that the homes have appreciated an average of x% over the duration of last ownership? Or does it mean that this year, the average home in a certain neighborhood as appreciated x% in value? The first method of computing it is nice, for certain, but the second method would be impressive in this economy.
He looks at individual home sales over the last 13 months, compares it to the exact same home the last time it sold, then calculates the average appreciation (or depreciation) over the time period between those sales.

For example; if House A sold in June of this year for $300,000 and the last time House A sold was June 2 years ago and it sold for $270,000 then, the average PPY would be 5.5%

($30,000 price change/$270000 previous sale price/2 years)

“Qualifying resale” means it has to be the exact same house for both sales. That’s the only way you can truly determine whether home prices are increasing or decreasing. He does not throw out any sale based on sale condition.

Does that make sense or am I confusing it more?
 
Old 09-21-2010, 07:40 AM
 
Location: Oxxford Hunt, Cary NC
4,478 posts, read 11,619,072 times
Reputation: 4263
Quote:
Originally Posted by adlnc07 View Post
Nice to see my neighborhood on the list.
Oh, and my old neighborhood in Apex. That's kind of funny. I guess I pick good locations.
 
Old 09-21-2010, 07:44 AM
 
Location: Cary, NC
43,282 posts, read 77,092,464 times
Reputation: 45642
Kinda puts the lie to the old "HOAs preserve property values," doesn't it? There are quite a few non-HOA neighborhoods in that list, and several at/near the top.
 
Old 09-21-2010, 07:45 AM
 
Location: Cary, NC
8,269 posts, read 25,104,632 times
Reputation: 5591
Wow, I sold my tiny ranch house in Oak Park 7 years ago for significantly more than the average price this site has listed!
 
Old 09-21-2010, 07:46 AM
 
Location: Knightdale
375 posts, read 1,143,529 times
Reputation: 168
This is some great info! My neighborhood isn't on the list, but I'm not surprised either. Its a good location, but people rarely move out. =0)
 
Old 09-21-2010, 07:54 AM
 
Location: Morrisville, NC
9,145 posts, read 14,762,210 times
Reputation: 9073
Quote:
Originally Posted by MikeJaquish View Post
Kinda puts the lie to the old "HOAs preserve property values," doesn't it? There are quite a few non-HOA neighborhoods in that list, and several at/near the top.

Well, all you can truly infer is that it is possible to have good property values without an HOA.

As the OP pointed out it really just proves that Location is the main driver. Also, these are older homes in a prime area which are probably being improved which means their prices will go up.
 
Old 09-21-2010, 07:58 AM
 
Location: Raleigh
217 posts, read 445,766 times
Reputation: 94
Quote:
Originally Posted by lamishra View Post
Wow, I sold my tiny ranch house in Oak Park 7 years ago for significantly more than the average price this site has listed!
You have to remember that the Oak Park being referred to here has a HUGE range of homes in it - from homes built in the 60's to homes built in the last few years. And this is the Oak Park in North Raleigh BTW. But good for you!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Closed Thread




Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top